Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Insolvency and BankruptcyMarch 29, 2024Case LawsAT
Admission of Section 7 application under IBC - The Appellant contests the admission, citing the submission of a One Time Settlement (OTS) proposal and the Reserve Bank of India (RBI) circular regarding OTS proposals. - The Tribunal acknowledges the OTS proposal and the Bank's 'no objection' for deferring the pronouncement of the order. However, it emphasizes the need for justice and provides an opportunity for the Appellant to deposit the offered amount within 90 days. The Tribunal also addresses the validity of Section 10-A of IBC, directing the deposit of the offered amount within the specified time frame. Overall, the Tribunal focuses on resolving the matter effectively while ensuring fairness and justice.
Admission of Section 7 application under IBC - The Appellant contests the admission, citing the submission of a One Time Settlement (OTS) proposal and the Reserve Bank of India (RBI) circular regarding OTS proposals. - The Tribunal acknowledges the OTS proposal and the Bank's 'no objection' for deferring the pronouncement of the order. However, it emphasizes the need for justice and provides an opportunity for the Appellant to deposit the offered amount within 90 days. The Tribunal also addresses the validity of Section 10-A of IBC, directing the deposit of the offered amount within the specified time frame. Overall, the Tribunal focuses on resolving the matter effectively while ensuring fairness and justice.
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